We haven't had very many opportunities to get bullish on the common shares for Annaly Capital Management (NLY).
Since Annaly Capital Management is a mortgage REIT, we build our analysis around book value and the price-to-book ratio. This has been a very successful technique over many years.
Shares often carried a price-to-book ratio greater than we wanted to see for buying opportunities. However, there has been a substantial decline since late February. The book value fell substantially, but the share price fell much further.
Even after a rally from the lows reached in